The outplacement firm of Challenger, Gray & Christmas
reported that 36,855 job cuts were announced last month. Job cut
announcements fell in the education, energy, telecommunications, pharmaceutical,
apparel, computer, construction, consumer products industries.
During the last ten years there has been a 67% correlation between
the three-month moving average of announced job cuts and the
three-month change in payroll employment. Job cut announcements
differ from layoffs. Many are achieved through attrition, early
retirement or just never occur. Challenger also samples firms'
hiring plans and they fell to the lowest level since January.